Posts from August 2016
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26
The Average Credit Scores of First-Time Homebuyers
Your credit score is one of the most important considerations in the home-buying process, determining not only the approval of a mortgage, but also the rate attached to it.
As a first-time homebuyer, you may be wondering what the ideal score is. A recent update from the Ellie Mae Millennial Tracker™ may shed some light on the answer.
According to the Tracker, the average FICO score of a millennial borrower who closed on a home loan this summer was 723; the average FICO score of a millennial borrower who closed on a conventional loan, however, was 748. The average FICO score of a millennial borrower who closed on an FHA loan this summer was lower, at 691. The majority of millennials in Ellie Mae's Tracker obtained a conventional loan.
"Economic uncertainty may be contributing to a general tightening of credit, which could explain why we are seeing a slight uptick in the average FICO scores for closed loans to millennials," s...
18
3 Tips to Keep in Mind as You Search for a Starter Home
Buying your first home is an exciting milestone, one marked with a fear of the unknown and a level of excitement at what's to come. And for many first-time buyers, a starter home is a great investment.
A starter home is perfect for those who want the independence of living in their own home, but don't quite have the money to buy their dream house. Starter homes are also great for establishing credit, getting a feel for homeownership and trying out a neighborhood or city to see if it's a good fit. Plus, you probably don't need too much space at the moment, so starter homes offer a great place to settle in with a young family.
As families grow and careers take off, real estate professionals note that homeowners typically stay starter homes anywhere between five to seven years.
If you're ready to get your feet wet and purchase a...
15
Do You Know the 3 Keys to Home Staging?
Staging your home while it's on the market is one of the most effective ways to sell it for top dollar.
Start by addressing natural light, say the experts at Stagetecture.com. Ample natural light makes the home appear larger and inviting. Avoid minimizing natural light with heavy window treatments—instead, hang sheers, and open them during showings.
Next, look to the outside of the home. Does the property have appeal? Hang mirrors across from the windows to accentuate scene-stealing views.
Inside the home, assess the color palette. Are the walls dark and closed-in? Consider repainting them with lighter colors to brighten the interior, Stagetecture.com's experts recommend.
Above all, remember these three key tips:
Don't leave clutter in plain sight.
Make it easy for buyers to visualize their lives in your home. Tackle the noticeable areas, like counters and tables. Are there other areas, such as an entry c...
12
Understanding Your Credit Score and Its Effect on Purchasing a Home
If a home purchase is in your future, one thing you absolutely have to think about is your credit score. No matter what your timing looks like, it's a good idea to think about it sooner rather than later, because having a good credit score can be the difference between obtaining the mortgage you need to buy your dream home—or settling for less because you didn't qualify for the money you need.
Unfortunately, many prospective buyers don't think about their credit score until they're already in buying mode. And more often than not, at this point, it may be too late to do anything to fix your credit score. Therefore, it's important to remember that if you have a bad credit score, it's not something that can be fixed overnight or by simply making a phone call.
If you're not sure where you even stand on the credit score sp...